ESG Rating Divergence and Annual Report Tone Management: Empirical Evidence from Chinese Listed Firms
ESG格付けの乖離と年次報告書のトーン管理：中国上場企業からの実証的証拠 (AI 翻訳)
Zhang Yuan, Wang Yiman
🤖 gxceed AI 要約
日本語
本研究は、中国の上海・深圳A株市場の非金融上場企業を対象に、ESG格付けの乖離が年次報告書のトーン管理に与える影響を分析。2015～2024年のパネルデータを用いた実証分析の結果、ESG格付けの乖離はトーン管理を有意に促進し、企業の評判と投資家心理が部分的な媒介効果を持つことが判明。内部統制の質や情報透明性が低い企業でその効果が顕著である。
English
This study examines the impact of ESG rating divergence on annual report tone management using a sample of non-financial Chinese listed firms from 2015-2024. Results show a significant positive relationship, mediated by corporate reputation and investor sentiment. The effect is stronger for firms with poor internal control and low information transparency.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本市場でもESG格付けの乖離が同様の行動を誘発する可能性があり、SSBJ基準策定や有報記載の質向上に示唆を与える。特に、内部統制の重要性と開示の透明性向上に向けた政策的含意がある。
In the global GX context
This study provides novel evidence from China on how ESG rating divergence can distort corporate disclosure, a concern relevant to global standard-setters (ISSB, CSRD) aiming for consistent, decision-useful ESG information. It highlights the risk of tone management as a response to rating inconsistencies.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the behavioral consequences of ESG rating divergence, extending the literature on disclosure tone and corporate governance.
🏢実務担当者:Highlights the need for companies to address internal control and transparency to mitigate the urge to manipulate narrative when facing rating discrepancies.
🏛政策担当者:Suggests that regulators should work toward harmonizing ESG rating methodologies to reduce divergence and associated adverse disclosure practices.
📄 Abstract（原文）
: In the current process of economic and social development, ESG principles are receiving increasing attention, and discrepancies in ratings assigned by different rating agencies to listed companies' ESG performance are becoming increasingly common. Are company management teams manipulating the tone of their annual reports to mitigate the negative impact of ESG rating discrepancies? To investigate this question, this study employs a sample of non-financial listed companies on the Shanghai and Shenzhen A-share markets in China. Using relevant panel data from 2015 to 2024, it empirically examines the relationship between ESG rating divergence and annual report tone management. Findings reveal a significant positive correlation between ESG rating divergence and annual report tone management, with corporate reputation and investor sentiment partially mediating this relationship. Heterogeneity tests reveal that ESG rating divergence amplifies the extent of annual report tone management more markedly in firms with poorer internal control quality and lower information transparency. These findings enrich the literature on factors influencing annual report tone management, provide robust support for refining ESG rating standards, and offer actionable recommendations for corporate sustainability and investor decision-making.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.25236/ijfs.2026.080104first seen 2026-05-15 19:03:03
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